Man Utd takeover edges closer as Sheikh Jassim ‘meets £6bn valuation’

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Sheikh Jassim bin Hamad Al Thani has reportedly matched the Glazer family’s asking price with his second bid to buy Manchester United. The Qatari banker is speculated to have blown Sir Jim Ratcliffe and other rivals out of the water as a world record takeover edges closer.

According to Sportico, INEOS founder Ratcliffe has submitted a second offer of £5billion, an increase on the £4.3bn his initial indicative approach was worth.

However, he couldn’t match the financial might of Sheikh Jassim, who is claimed to have blown the British billionaire and other runners out of the water.

His second bid is said to be in the region of £6bn, widely thought to be how much the Glazers have wanted to relinquish control at Old Trafford.

Last Thursday, he wasn’t present in Manchester as a senior delegation took a tour of Old Trafford and visited United’s Carrington training base for a series of presentations.

But the report adds that Sheikh Jassim, the Qatar Islamic Bank (QIB) president, met the Glazers for two rounds of talks last week.

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Confusion was rife beyond the 9pm deadline for second-stage bids on Wednesday night after it emerged that Ratcliffe or Sheikh Jassim, the leading public suitors, hadn’t issued their offers.

It was later reported that the Qatari offer was ready to go, but they learnt that Ratcliffe asked the Raine Group for an extension and, therefore, also wanted more time to fine-tune their proposal.

Ratcliffe submitted his revised bid on Thursday, and Sheikh Jassim is expected to follow as early as Friday, but potentially this weekend.

Sportico adds that in addition to the duo, six other parties have discussed financing with the Glazers, which would allow the American family to remain at the helm.

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Saudi Arabian suitors and US hedge funds, including Elliott Investment Management, Ares Management and Sixth Street, are said to be among them.

On Thursday, Finnish entrepreneur Thomas Zilliacus also announced his intention to enter the running with a fan ownership-based model.

But he isn’t considered a serious contender, especially if Sheikh Jassim has reached the heights of £6bn, around double the funds Zilliacus was willing to put forward.

Once the Qatari bid is in, the Glazers will sit down with Raine to discuss the options, including minority stakes, before the next phase.

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